The Australian 2018 budget introduced the Low and Middle Income Tax Offset (LMITO) for the tax years 2018-19 through to 2021-22, to assist Low and Middle Income earners with a slightly lower income tax deduction. This is in addition to the Low … Read the rest
Australian taxpayers are able to benefit from the Low Income Tax Offset [LITO] benefit from the Australian Tax Office (ATO).
The Low Income Tax Offset [LITO] is an end of year rebate for lower income earners, and does not have … Read the rest
From 1st July 2018 the Australian Adult Minimum wage will rise from $18.29 an hour ($694.90 a week) to $18.93 an hour ($719.20 a week)
This increase of 3.5% will be an extra $24.30 for the normal full time 38-hour week.
Casual employees covered … Read the rest
The Australian Bureau of Statistics’ Average Weekly Earnings survey shows the Full-time adult average total earnings in May 2017 at $1,608.40 per week. This is $83,636.80 per year.
The ABS May 2017 report shows the Average Full Time Wages for … Read the rest
The Medicare levy is currently 2% of Taxable Income, in addition to Income Tax.
If your taxable income is below a certain threshold, your Medicare Levy may be Reduced or Removed.
If your … Read the rest
The Medicare Levy is a charge levied on almost all Australian taxpayers to help fund the Australian Medicare system.
The charge is currently 2.0% of taxable income, having risen from previous rates of 1% or 1.5%
There are exemptions to this rebate based on low incomes etc.… Read the rest
Medicare provides access to a range of medical services, low cost prescriptions and free care as a public patient in a public hospital.
Medicare is available to eligible Australian residents and some visitors to Australia.
Cover includes:
Free or subsidised treatment … Read the rest
The ATO shows there were 10,912,139 salary and wage earners in the 2016-17 tax year.
Their total salaries and wages came to an average of $59,328, with 50% earning over $49,397 in the year.
The Median income was 83.26% of the average income … Read the rest
The minimum wage in Australia will rise to $18.29 per hour, or $694.90 per week, from the 1st July 2017.
An estimated 2.3 million low paid workers will see the benefit from this rise of about $22.20 per week.
It is an annual … Read the rest
Figures issued by the Australian Bureau of Statistics, show the following Average Annual Earnings for Males over 15 year of age, for Full Time Adult Total Earnings, including overtime and penalty rates.
$144,570 Mining
$ 78,281 … Read the rest
